The USDJPY currency pair is increasingly showing signs of weakening as the price remains confined within a bearish channel and struggles to break through key resistance. The Moving Average (MA) indicator is currently trending downwards, confirming a growing selling pressure.
In addition, the MACD indicator is also reflecting a bearish signal, with the MACD line falling below the signal line, indicating that selling momentum is still prevailing in the market. Should this pressure persist, the USDJPY is likely to breach the nearest support level, creating further potential for downward movement.
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The USDJPY may continue its decline as the bearish structure becomes more clearly established, coupled with the Stochastic indicator showing an overbought condition on the 15-minute timeframe. This situation suggests that the price has reached a peak level and is likely to experience a downward correction. If selling pressure intensifies, the USDJPY could breach the nearest support level, opening up the possibility for a retreat towards the support at 148.605.
Technical Reference: sell as long as it stays below 150.075
Potential Stop Loss 1: 149.840
Potential Stop Loss 2: 150.075
Potential Take Profit 1: 148.875
Potential Take Profit 2: 148.605
